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Lucknow. Pin Code-226010

Accounting Services

Book Keeping

Bookkeeping services are necessary for all businesses to ensure accurate operational / financial information. Such information is required by Management, Regulators, and Investors. Also, it is a legal requirement for any business to maintain an appropriate book of accounts to ensure that all relevant taxes are paid and tax filings are made on time.  

Bookkeeping is the process of recording financial transactions of a business in an accounting system and the creation of reports. However, many small businesses do not have complete accounting departments and require external bookkeeping services. Tirupati Balajee can provide your business with bookkeeping services through a network of Business Experts and Chartered Accountants across India.  

Accountants may handle more advanced tasks like tax preparation, budget analysis, and investment development. Both Accountants and bookkeepers frequently use advanced financial software to record and track their information.  

Book-Keeping
Timely Reporting Via The Internet
Accounting updation in Software’s i.e. Tally
Payroll Preparation
Account Status Reporting
Accounts Receivable/Payable Reconciliations
Financial Management Information System Reporting
Preparation of Management Accounts and Statutory Accounts
Partnership Accounting
Company Accounting as per Companies Act
Inventory / Fixed Asset Valuation

AUDIT

Management Audit

Management Audit deals with verifying the effectiveness and efficiency of the company’s management. Basically, you audit the decisions taken by the management. Say, management of the company took an ‘X’ decision on a particular matter, now auditors would try and verify the effectiveness of this decision and question the management in case of any suspicion.

Stock Audit

Stock audit is considered as an important auditing term which refers to the physical verification of the inventory. Stock Audit is an independent check on the functions of the management, which has some value in the eyes of law and the taxation authority.

Stock audit, in general usage is considered as an important auditing term which refers to the physical verification of the inventory. In other words, stock audit is a statutory process which every business institution needs to perform at least once in a financial year

Internal Audit

Internal audit is process which involves an organization’s risk assessment, evaluation of the control systems and governance processes in the organization. Internal auditors work with the management to review the systems and monitor the inefficiencies within the organization. All of the discrepancies found during the audit can be corrected before they become substantial problems on the future.

Conducting internal audits can help the organization avoid some undesirable costs in the following ways:

Identify the insignificant practices.
Risk Evaluation
Compliance with the laws and regulations
Identify Frauds in Accounting or Financial Statements
Optimum Utilization of resources
Identification of Cost –effective measures

GST Audit

GST is a trust based taxation regime wherein the registered dealer is required to self- assess his returns and determine tax liability.

Audit has been defined in section 2(13) of the CGST Act, 2017 and it means the examination of records, returns and other documents maintained or furnished by the registered person under the GST Acts or the rules made there under or under any other law for the time being in force to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess his compliance with the provisions of the GST Acts or the rules made thereunder

Types of GST Audit:

GST Audit by Tax Authorities /Department (u/s 65)
Special GST Audit (u/s 66) by a chartered accountant or a cost accountant
Annual GST Audit

Statutory/Company Audit

Company audit on the other hand is governed by the provisions of the Companies Act 2013. All Companies registered with the MCA are mandatorily required to get its Accounts audited annually and filed with the RoC.

So, there could be a scenario where a Pvt Ltd/ Public Ltd Company doesn’t cross the Rs. 100 lakhs turnover threshold. In that case, only company audit will apply, tax audit won’t apply.

Non-filing of annual returns may have consequences of disqualification of directors, strike off from the RoC, penalties etc.

Tax Audit

Tax audit is an additional compliance to be done apart from filing of the income tax return in case of certain persons.

As per the Income-tax Act 1961, it is obligatory of the following persons (carrying on business or profession) to get his/ her accounts audited under section 44AB by a Chartered Accountant:

•If the total sales, turnover or gross receipts in business exceeds Rs. 200 lakhs (in case of individuals/ partnerships) or Rs. 100 lakhs (in case of Companies); or
If the gross receipts in profession exceeds Rs. 50 lakhs in any of the previous years; or
If the assessee covered under the provision of section 44AD claims his profits to be lower than the profits deemed under presumptive basis and his income exceeds the basic exemption limit; or
If the assessee carrying on a profession under section 44AA (like a doctor, lawyer, CA, technical/ software/ business consultant, photographer etc) covered under the provision of section 44ADA claims his profits to be lower than the profits deemed under presumptive basis and his income exceeds the basic exemption limit

A tax audit report in the prescribed form shall be required to be issued and certified by a Practicing Chartered Accountant by September 30 (Forms prescribed are 3CA/ 3CB & 3CD).

In case tax audit is applicable to you, then the due of July 31 doesn’t apply, and you can file your income tax returns (along with the tax audit report) by September 30.

In case tax audit is applicable and accounts are not audited/ audit report not furnished, penalty provisions under section 271B can apply

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info@tirupatibalajee.in

Lucknow. Pin Code-226010

Services